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Moody's assigns Essential Power loans Ba2
Moody's Investors Service said it assigned a Ba2 rating to Essential Power, LLC's issuance of $565 million in a senior secured term loan due 2019 and a $100 million revolving credit facility due 2017.
The outlook is stable.
Moody's said the ratings reflect, among other things, the high proportion of cash flow that is either contracted or hedged with creditworthy counterparties and the rapid de-leveraging of the first lien term facilities.
The ratings also reflect the risks related to the uncertainty of the level of capacity payments received through the portfolio's participation in the capacity markets in PJM and ISO-NE, as well as the risks associated with the portfolio's exposure to merchant power, the agency said.
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